Aquila closes deal |
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Mon, 02 Apr 2007 17:16
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KANSAS CITY, Mo. (AP) - Aquila Inc. announced Monday that it closed the sale of its Kansas electric utilities for $292 million, completing the last of four asset sales announced in 2005.The Mid-Kansas Electric Co., a coalition of six rural electric cooperatives, bought the Kansas utilities for $235.3 million plus additional adjustments and working capital. Aquila also sold its 8 percent lease in the Jeffrey Energy Center near Topeka, as well as obligations to buy power for the center from Mid-Kansas Electric, to Westar Energy Inc. for $17.9 million.The utilities being sold serve 68,972 customers in 32 central Kansas counties.In September 2005, Aquila said it would sell the Kansas electric utilities as well as the company's natural gas utilities in Michigan, Minnesota and Missouri for $896.7 million in a bid to streamline the company's operations and reduce debt.Aquila officials said on Feb. 7 that it will sell its remaining assets to Great Plains Energy Inc. and Black Hills Corp. for more than $2.6 billion in cash and stock and the assumption of about $1 billion in Aquila's debt.Shares of Aquila were up 1 cent at $4.19 in trading Monday morning on the New York Stock Exchange, where they have traded in a 52-week range of $3.90 to $4.86.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Hedge fund criticizes Aquila split, sale 